Andy Warhol Leads Christie's $43.34m '21st Century Evening Sale' in Hong Kong

A work by Andy Warhol, which had a guarantee, was the headline sale at Christie's '21st Century Evening Sale' on May 28 in Hong Kong.

• The sale totaled $43.34m, falling short of its pre-sale low estimate.

Snapshot of the sale

• 37 works sold totaling $43.34m.
• Estimates totaled: $53.47m (low) and $79.49m (high), excluding premiums.
• The sell-through rate was 74% of the original 50 lots announced.

The star lot was: Andy Warhol, Flowers (1965), which sold for $8.53m, 6% above its $8.05m low estimate. The work was backed by a guarantee. It has been traded 4 times in the past.

The outperformer sold for 700% above its low estimate. Ben Sledsens, Het Hazenpad (2019), sold for $209,800 ($25,600 low estimate). It has been traded once in the past.

• 12 works, or 32%, sold above their high estimate.
• 24 works, or 65%, sold within their low and high estimate.
• 1 works, or 3%, sold below their low estimate.
• 0 sold with undisclosed estimates.

Guaranteed sales

8 works were backed by guarantees, including: Andy Warhol, Flowers (1965). It sold for $8.53m, 6% above its $8.05m low estimate.. It has been traded 4 times in the past.

Works that did not sell

10 works were bought-in, including: Wayne Thiebaud, Little Deli (2001), estimated at $3.84m (low) to $5.12m (high). It has been traded 4 times in the past.

Withdrawn before the sale

3 works were withdrawn before the sale, including: Matthew Wong, Shangri-La (2017) estimated at $5.38m (low) to $7.94m (high).

Terms and definitions

All results include the fees and premiums added to the price of a work of art when the auctioneer's hammer falls. Sale prices are compared to the auction house’s low estimate, which do not include premiums.

Guarantees: Sometimes an auction house guarantees to pay a seller for a work, regardless of whether the bidding reaches the reserve price, a figure that is typically confidential.

Bought-in: If there are no bids for a work, or if bidding falls short of the reserve price, the lot is unsold or “bought-in”.

Withdrawn: This happens when a seller decides, for whatever reason, to withdraw a work before the bidding begins.

Premiums: Typically a sliding-scale of charges paid in addition to the hammer price by the buyer, plus any other fees.